DAILY MCX COMMODITY MARKET NEWS & LEVELS - 16 NOV 2016

HIGH LIGHTS:-

• Brent, NYMEX weaker in Asia as API build aids bearish sentiment.
• Gold prices fall slightly in Asia on expected Fed rate hike next month.
• LME Copper to Range in a Tight Range.

PRECIOUS METALS:- 

Gold prices drifted lower in early Asia on Wednesday as the market gears up for remarks this week from Fed Chair Janet Yellen as expectations for a December rate hike remain strong. Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.05% to $1,227.40 a troy ounce. Earlier, Federal Reserve Vice Chairman Stanley Fischer on Tuesday said liquidity conditions in markets have changed as a result of tighter capital requirements enacted after the global financial crisis, but said the benefits of enhanced financial stability may outweigh the potential costs. PRECIOUS LEVEL

CS GOLD (DEC) OVERVIEW:

TREND :  BEARISH
RESIST 2: 29800
RESIST 1: 29600
SUP 1: 29200
SUP 2: 29000

CS SILVER (DECEMBER) OVERVIEW:

TREND : BEARISH
RESIST 2: 42500
RESIST 1: 41900
SUP1: 40700
SUP2: 40500

BASE METALS:-

LME copper is expected to range between USD 5,450-5,550/mt during Asian trading hours on Wednesday and SHFE 1701 copper will move at RMB 43,500-44,500/mt. Base metals fell with ferrous metals on Tuesday. US crude oil inventories, October industrial output, inflation and home prices in November will be released today.
US annualized PPI entered an upward track from October 2015. Besides, Trump will push fiscal expansion, increasing market expectation that inflation will grow. Long-end yields of US debt climbed significantly recently, boding well for US annualized PPI in October. This may grew the likelihood of a Fed rate hike in December.

BASE METAL LEVELS

CS COPPER (NOVEMBER) OVERVIEW:

TREND : SIDEWAYS
RESIST 2:387
RESIST 1:380
SUP1:363
SUP2:355

CS NICKEL (NOV) OVERVIEW:

TREND : SIDEWAYS
RESIST 2: 782
RESIST 1: 773
SUP1: 748
SUP2: 735

CS ZINC (NOV)VIEW:

TREND : BULLISH
RESIST 2:179.00
RESIST 1:177.00
SUP1:171.00
SUP2:170.00

CS LEAD (NOV) OVERVIEW: 

TREND :  BULLISH
RESIST 2: 151.50
RESIST 1: 150.50
SUP1: 146.00
SUP2: 144.50

CS ALUMINIUM (NOV) OVERVIEW: 

TREND : SIDEWAYS
RESIST 2: 119.00
RESIST 1: 118.00
SUP1: 115.00
SUP2: 114.00

ENERGIES:- 

Crude oil prices eased in Asia on Wednesday as U.S. industry estimates showed another solid build in inventories and investors took gains made overnight.
Crude oil for December delivery on the New York Mercantile Exchange fell 0.17% to $45.73 a barrel. Brent oil for January delivery on the ICE Futures Exchange in London dipped 0.11% to $46.90 a barrel.
The American Petroleum Institute (API) said Tuesday crude oil inventories rose 3.65 million barrels last week, building on an increase of 4.4 million barrels the previous week and rose more than expected.

ENERGY LEVELS

CS CRUDE OIL (NOV) OVERVIEW:                           

TREND : BULLISH
RESIST 2:3190
RESIST 1:3150
SUP1:3060
SUP2:3020

CS NATURAL GAS (NOV) OVERVIEW: 

TREND : BEARISH
RESIST 2:189.50
RESIST 1:187.00
SUP1:180.00
SUP2:177.00

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